17 June 2015

NIFTY OUTLOOK FOR THURSDAY 18 JUNE 2015

"SELL M&M FUTURE BELOW 1240 TGT 1220/1200 SL 1258"
"BUY IFCI 25 CALL @ 1.10 TGT 1.80/2.70 SL .30" 
It has been a relief rally after taking beating in earlier sessions. The market continued its rally for the fourth consecutive session Wednesday; rising 0.55 percent ahead of outcome of Fed’s two-day meeting tonight.  Rising for the fourth straight day, the benchmark Sensex today jumped 146 points to 26832 driven by surge in blue-chips HUL and ITC on above-normal progress in monsoon and strengthening of rupee. For the most part of the markets traded on a strong note. The Sensex surged over 300 points and the Nifty rose above its crucial psychological level of 8,100 but came off the intraday highs as selling in banking and power stocks capped the gains. Nifty, which reclaimed its crucial psychological level of 8100, pared gains in the last half an hour of trade and closed just below that level.  The Nifty ended at 8091. It touched a high of 8136 and a low of 8048 in trade today.
Overall, the market has been in a range and that may continue for some more time due to lack of major triggers. The moot point, however, is to remain at higher levels and climb further up to test levels beyond the 8200-mark for taking out 8140 – 8175 would be very crucial for the market as well as the Nifty. On the other hand, if it were to move down again—on profit taking or for any other reason—it will first seek support between 8000 and 7980, and below that the range between 7956 and 7929 would once again do its job of trying to provide a floor for the market. More about intraday tips on Google +
RESISTANCE: 8150, 8200, 8250
SUPPORT:  8100, 8050, 8000          

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